Pimco spends billions buying assets depressed by recession fears

Pacific Investment Management Co. is using its deep pockets to snap up bargains among assets that have been hurt by the cost of living crisis, surging inflation and rising interest rates.
Pimco CEO Manny Roman has been waiting for these kind of opportunities since 2018, when he said in an interview with Bloomberg News that the firm was preparing for a recession within the next five years. | Photo: Mike Blake/REUTERS / Ritzau Scanpix
Pimco CEO Manny Roman has been waiting for these kind of opportunities since 2018, when he said in an interview with Bloomberg News that the firm was preparing for a recession within the next five years. | Photo: Mike Blake/REUTERS / Ritzau Scanpix
By Laura Benitez and Claire Ruckin / BLOOMBERG

The Newport Beach, California-based fund manager Pimco has spent more than USD 2bn in recent months to buy leveraged debt backing consumer companies that banks had struggled to offload.

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